Declaring bankruptcy is frightening for many people. They feel like they are alone and swimming in debt.
This first thing to know about bankruptcy is that it can, and does, happen to others. You are not alone out there without any hope in sight and totally ruined credit. There are people who will help you through the process of bankruptcy, and you can definitely rebuild your credit by making all your payments on time. In other words, there is light at the end of the bankruptcy tunnel. If you work in partnership with your Iowa bankruptcy lawyer, you will have your rights protected and be well informed about the whole process.
One of the people designated to help you through your declared bankruptcy is the bankruptcy trustee. His or her job is to administer your affairs and make sure you get through your bankruptcy. In reality, the bankruptcy trustee will act on your behalf to make sure the process is a smooth one and that your rights, and the rights of the creditor, are protected.
While bankruptcy trustees are there to help you, they are neither your friend nor your enemy – they are the hub of the process to keep everything on an even and fair keel. For example, a Chapter 13 bankruptcy trustee will hold and conduct the 341 meeting of creditors, review your petition and Chapter 13 plan and then distribute your monthly payments, according to that plan.
In the case of a Chapter 7 bankruptcy, trustees liquidate the debtor’s non-exempt property and hand out the proceeds in accordance with the rules and regulations applicable for the federal bankruptcy code. They will also examine the bankruptcy petition and check for any inaccurate information, misrepresentation or fraud on the part of the debtor. In other words, the trustee, in both Chapter 7 and Chapter 13 situations, is the person who sees to it that you get an efficient, effective and fair resolution to your bankruptcy process.
If you have any questions about whether or not filing bankruptcy is the right route to take in your situation, make your first phone call to a qualified Iowa bankruptcy lawyer. They have the years of experience in this area that you will need to make an informed decision about your circumstances. They are not there to judge you. They are there to help you get through one of the toughest times in your life.